Wall Street Cheered Best Fed Day Since 2009 on Rate Cut Elation
- Five ETFs of major assets each up at least 1% in broad rally
- Traders branch out of tech megacaps, boosting small-cap stocks
This article is for subscribers only.
Wednesday’s sweeping rally across financial assets was something unseen in almost 15 years for a Federal Reserve policy decision day.
From stocks to Treasuries, credit to commodities, everything was up after the Fed projected more interest-rate cuts in 2024. The scope and intensity can be illustrated by a measure that tracks the lowest return of the five major exchange-traded funds following these assets. With gains of at least 1%, the pan-asset advance beat all other Fed days since March 2009.